Definition: The word "mortgage" is a loan that requires the borrower to pay back the lender part or all of the principal amount borrowed plus interest on an ongoing basis. The term "rent" refers to the payment of money as a compensation for use or ownership of property. Here are some definitions of mortgage and rent: Mortgage: A loan made by the borrower to finance the purchase or construction of real property, typically at a fixed interest rate per period (principal amount borrowed plus interest on principal and any unpaid balance) over an agreed term. The borrower must make monthly payments or install fixed monthly amounts into the account as part of the loan agreement. Rent: A payment made by the landlord to the tenant for use of the rented property, typically in the form of a fixed monthly rent, which is payable at the start and end of each month. Renting can include utilities (e.g., hot water, electricity), maintenance expenses, and other charges that must be paid on time. In summary, mortgage refers to the loan made by the borrower to finance a property, while rent refers to the payment made by the landlord for use or ownership of that property. The term "is mortgage like rent" is used as an idiom that means the terms are similar or interchangeable, but have different meanings and implications.
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